Financeit Canada, a prominent provider of point-of-sale financing in the sectors of home improvement, recreational vehicles, and retail within Canada, has recently enhanced its Securitization Warehouse facility.
By welcoming Goldman Sachs as a new partner, the company has increased the facility’s capacity by C$200m, bringing the total to C$700m. This expansion bolsters Financeit’s total annual loan financing capacity to nearly C$2.5bn, aiding its growing consumer loan receivables portfolio and meeting the rising demand for flexible financing options among Canadian consumers.
The company specializes in offering tailored payment plans across various industries. By integrating with enterprise businesses, large retailers, original equipment manufacturers (OEMs), and extensive dealer networks, Financeit facilitates significant purchases and projects for over 640,000 customers nationwide through its flexible financial solutions.
The new funding will be instrumental in supporting Financeit’s strategic growth initiatives. As the largest non-bank point-of-sale financing company in Canada, Financeit aims to expand its financial product offerings and dealer networks significantly.
Financeit’s Co-Founder and CEO, Casper Wong said, “We continue to expand our financial product offering and dealer network with annual loan originations tripling in size over the last 3 years.
“We are excited to deepen our long-standing relationship with Goldman Sachs by adding them as a key lender. This provides the additional capital needed to support our growth as we continue to scale as Canada’s largest non-bank point-of-sale financing company.”
David Yeilding, CFO of Financeit, also commented on the partnership: “We remain committed to optimizing our capital structure, optimizing our overall cost of funds, and broadening our lender diversification. We look forward to continuing our relationship with Goldman Sachs who offers best-in-class capabilities.”
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